Short Interest in ProShares Ultra Utilities (NYSEARCA:UPW) Drops By 41.4%

ProShares Ultra Utilities (NYSEARCA:UPW) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totaling 6,815 shares, a drop of 41.4% from the April 30th total of 11,622 shares. Based on an average daily volume of 13,762 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.7% of the shares of the stock are sold short.

ProShares Ultra Utilities Stock Performance

Shares of UPW stock opened at $21.59 on Tuesday. The stock has a market cap of $20.94 million, a PE ratio of 21.21 and a beta of 1.21. The business’s fifty day moving average is $24.28 and its 200-day moving average is $23.61. ProShares Ultra Utilities has a 1 year low of $19.21 and a 1 year high of $26.80.

Hedge Funds Weigh In On ProShares Ultra Utilities

A number of hedge funds have recently modified their holdings of the stock. Garton & Associates Financial Advisors LLC acquired a new position in shares of ProShares Ultra Utilities in the 4th quarter worth $26,000. IMC Chicago LLC grew its holdings in shares of ProShares Ultra Utilities by 13.1% in the 1st quarter. IMC Chicago LLC now owns 33,657 shares of the company’s stock worth $834,000 after acquiring an additional 3,895 shares during the last quarter. Finally, Osaic Holdings Inc. grew its holdings in shares of ProShares Ultra Utilities by 278.1% in the 4th quarter. Osaic Holdings Inc. now owns 27,977 shares of the company’s stock worth $608,000 after acquiring an additional 20,578 shares during the last quarter.

About ProShares Ultra Utilities

ProShares Ultra Utilities (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Utilities Index (the Index). The Fund intends to invest at least 80% of its net assets, including any borrowings for investment purposes, under normal circumstances, to equity securities contained in the Index and/or financial instruments that, in combination, have similar economic characteristics. The Fund also intends to invest assets not invested in financial instruments, in debt instruments and/or money market instruments.